Mined Land Financial Security Information
As a condition precedent to the issuance of a mining permit, each applicant shall furnish financial security, as described below, which is conditioned upon conformance with the applicant's mined land-use plan. In all cases, it is imperative that the 5 digit mine file number and original signatures appear on the financial security.
The applicant will be informed of the amount of the obligation during the application review process. No financial security should be sent in with the application.
Financial security must be provided to the Department at the address specified in the forms below. The most commonly used financial instruments are surety bonds, irrevocable bank letter of credit, or assignment of certificate of deposit. Other forms of financial securtity may be considered. A complete list is provided in 6NYCRR, Part 423.1 (d). In the event of cancellation, non-renewal or termination of financial security, the permittee is responsible for providing a replacement to prevent department action to call the proceeds of the surety account. Failure to do so can also result in permit suspension, revocation and liability for penalties.
- Surety Bond (PDF File, 12KB) - A surety bond may be used to satisfy the financial security requirements.
The Adobe Acrobat version of the Surety Bond can be completed on-line and printed for signing and submitted to the Division.
- Irrevocable Letter of Credit A letter of credit submitted under financial institution letterhead may be used to satisfy the financial security requirement. The letter of credit must be established in the name of The New York State Department of Environmental Conservation.
- Certificate of Deposit A certificate of deposit may be used to satisfy the financial security requirement if it is assigned toThe New York State Department of Environmental Conservation, by using the Assignment of Certificate of Deposit Form. The certificate must be held by the issuing institution and a copy of the assignment letter attached to it. Any interest or dividends are the sole property of the principal (permittee).
If there is any question with regard to these forms and procedures, please call (518) 408-0268.